Monday, November 29, 1999

HAFED to buy 15 pc stake in new commodity exchange

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Chandigarh, June 17 (PTI) Haryana State Cooperative Supply & Marketing Federation (HAFED) today said that it will acquire a 15 per cent stake in the upcoming Kotak Mahindra- promoted Ahmedabad Commodity Exchange for Rs 16 crore. "We will have 15 per cent stake in the new exchange which is being promoted by Kotak Mahindra, which will immensely benefit the farming community," HAFED Managing Director Anil Malik said here today. Malik said that HAFED had been associated with commodity exchanges since 2004. It purchased wheat on a commercial basis from Haryana mandis and had hedged it on the NCDEX platform consecutively for three financial years since 2004-05 to earn profits. It was also involved in hedging and selling guar and mustard seeds on the NCDEX platform. HAFED was the first cooperative institution in the country which not only traded in wheat stock, but also gave actual delivery from its godowns. Haryana Chief Secretary Urvashi Gulati said that a team of experts from the National Commodity and Derivative Exchange (NCDEX) was imparting training to the officials of HAFED on trading modalities. While Gulati emphasised on the need to participate in the new developments, she said farmers'' interests should be intensively protected. She said the state government had helped the farmers in a big way by providing them with loans and subsidies. She said the focus should be on getting a remunerative price for farmers'' produce.

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